Funding arb · Price arb /

AAVE

all AAVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h −0.313%

Price spread now: Deribit against Phemex+0.034%7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.502%−$50 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.034%, 7d avg −0.032%

Together, before fees−0.516%−$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.066% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.032%. Mind the row above: over the last 7 days funding on this pair cost −0.502%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex AAVEUSDT	146.33	−0.0159	get 0.0159% / 8h	7h 27m	$4.2M	$3.8M	50x
Short	Deribit AAVE_USDC-PERPETUAL	146.38	−0.0091	pay 0.0011% / 1h	27m 20s	$255K	$369K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee DeribitbpOrdersPrice spread, now +0.034%Rate

Funding earned: $14.32
Price spread: +0.034% → −0.032%: $6.62
Slippage, 4 orders: −$28.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$26.08
Costs to cover: 0.470%
Break-even: 19.7 days

Slippage from Phemex: live order book, 1 min ago; Deribit: live order book, 42 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 1 min ago	3.07 bp	13.2 bp −$13	22.6 bp −$226	doesn't fit	doesn't fit
Sell Deribit live order book, 42 min ago	4.12 bp	7.6 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit

AAVE on 42 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_AAVEUSD	−0.0184%	1h	146.48	+0.101%	$3.5M	$2.0M	50x	as long as short
Phemex AAVEUSDTlong	−0.0159%	8h	146.33	long leg	$4.2M	$3.8M	50x
01 Exchange AAVEUSD	−0.0152%	1h	146.34	+0.007%	$11K	$2K	5x	as long as short
SoDEX AAVE-USD	−0.0102%	1h	146.33	0.000%	$5K	$305K	10x	as long as short
Deribit AAVE_USDC-PERPETUALshort	−0.0091%	1h	146.38	+0.034%	$255K	$369K	50x
dYdX AAVE-USD	0.0000%	1h	146.49	+0.107%	$105K	$4K	10x	as long as short
Kalshi KXAAVEPERP	0.0000%	8h	146.18	−0.103%	$78K	$1.5M	3.4x	as long as short
Phoenix AAVE	0.0000%	1h	146.31	−0.014%	$5K	$102K	10x	as long as short
gTrade (Gains Network) AAVE/USD	L +0.0005% / S −0.0004%	1h	146.43	+0.070%	$71K	—	150x	as long as short
Gate AAVE_USDT	+0.0014%	8h	146.35	+0.014%	$7.9M	$15.2M	75x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC AAVE_USDT	+0.0019%	8h	146.36	+0.021%	$29.1M	$25.8M	200x	as long as short
Binance AAVEUSDT	+0.0020%	8h	146.37	+0.030%	$66.3M	$183.7M	75x	as long as short
Injective AAVE/USDC PERP	+0.0033%	1h	136.96	−6.403%	$422	$51K	12x	as long as short
Reya AAVERUSDPERP	+0.0044%	1h	146.33	−0.002%	—	—	20x	as long as short
Orderly PERP_AAVE_USDC	+0.0046%	8h	146.32	−0.007%	$18K	$10K	10x	as long as short
OKX AAVE-USDT-SWAP	+0.0062%	8h	146.33	0.000%	$18.0M	$66.6M	50x	as long as short
ApeX Omni AAVEUSDT	+0.0071%	1h	146.16	−0.116%	$136K	$231K	50x	as long as short
BloFin AAVE-USDT	+0.0080%	8h	146.32	−0.007%	$3.5M	$3.5M	100x	as long as short
Bybit AAVEUSDT	+0.0080%	8h	146.34	+0.007%	$62.7M	$65.0M	75x	as long as short
GRVT AAVE_USDT_Perp	+0.0087%	8h	146.23	−0.072%	$460K	$3.8M	10x	as long as short
Aevo AAVE-PERP	+0.0088%	1h	146.37	+0.027%	$124K	$146	10x	as long as short
Lighter AAVE	+0.0096%	1h	146.56	+0.156%	$4.7M	$1.5M	10x	as long as short
Paradex AAVE-USD-PERP	+0.0100%	8h	146.30	−0.023%	$14K	$4K	20x	as long as short
Nado AAVE-PERP	+0.0100%	1h	146.32	−0.003%	$800K	$423K	10x	as long as short
Hyperliquid AAVE	+0.0100%	1h	146.45	+0.082%	$79.9M	$35.3M	10x	as long as short
Aster AAVEUSDT	+0.0100%	8h	146.42	+0.065%	$1.4M	$1.2M	50x	as long as short
Pacifica AAVE	+0.0100%	1h	146.33	0.000%	$334K	$502K	10x	as long as short
Arcus AAVE-USD	+0.0100%	1h	146.33	0.000%	$46K	$278K	10x	as long as short
Bulk AAVE-USD	+0.0100%	1h	146.36	+0.018%	$61K	−$0	10x	as long as short
KuCoin AAVEUSDTM	+0.0100%	8h	146.32	−0.007%	$10.2M	$8.8M	75x	as long as short
Bitget AAVEUSDT	+0.0100%	8h	146.33	0.000%	$30.4M	$17.9M	75x	as long as short
BingX AAVE-USDC	+0.0100%	8h	146.34	+0.007%	—	$6.5M	—	as long as short
Backpack AAVE_USDC_PERP	+0.0100%	1h	146.50	+0.116%	$334K	$737K	10x	as long as short
Variational Omni AAVE	+0.0100%	8h	146.16	−0.115%	$3.8M	$1.3M	—	as long as short
edgeX AAVEUSDC	+0.0100%	4h	146.16	−0.117%	$105K	$316K	20x	as long as short
Polymarket Perps AAVE-USD	+0.0100%	1h	146.42	+0.062%	$127K	$426K	10x	as long as short
SunX AAVE-USDT	+0.0100%	8h	146.35	+0.016%	$1K	$1.3M	20x	as long as short
HTX AAVE-USDT	+0.0100%	8h	146.46	+0.087%	$712K	$5.2M	75x	as long as short
Extended AAVE-USD	+0.0104%	1h	146.30	−0.022%	$937K	$1.7M	50x	as long as short
RISEx AAVE/USDC	+0.0107%	1h	146.36	+0.024%	$185K	$246K	10x	as long as short
GMX AAVE/USD [AAVE-USDC]	L +0.0233% / S −0.0363%	1h	146.42	+0.062%	$128K	—	100x	as long as short
Coinbase International AAVE-PERP-INTX	+0.0296%	1h	146.44	+0.075%	$786K	$2.9M	50x	as long as short